malicious payload

I have what appears to be a metasploit reverse tcp payload that someone emailed to me. I opened it on an isolated PC. When I open it with notepad, the structure appears to resemble a reverse tcp payload that I create through metasploit.

Everything is encrypted. Is there a tool that I can run this through so that I can see the actual IP address that this was going to phone home to?

There are a bunch of tools that will allow you to encrypt payloads, some, like hyperion(sp?) will encrypt with AES, others could have it done in a customized fashion. Unfortunately, without knowing what kind of encryption, it'll be difficult to find a way to decrypt the ip address.
However, what you could do is let it run in an isolate environment (vm?) and see what it tries to call back to. If it was a smart payload, it'll probably send to a proxy in which case you have but a very small chance to find out where it originated from. Since I have no idea what the playload/exploit is for (Windows/Linux) I'll just put both here.

Linux: netstat -wput
Windows: tcpview from sysinternals

What will help is finding the program and checking from there.

If that doesn't work, and you really want to try one more thing, you could set up wireshark to listen to the packets going out and reading the packet that way. The payload will still be encrypted, but at least the source IP may be shown. Again, it may be a proxy.

As a last ditch effort, you may be able to try wireshark's ESP capabilities.

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